OctaFX | OctaFX Forex Broker
Open trading account
Back

US Q2 GDP result boosts USD - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the final US Q2 GDP reading showing the biggest annual increase since the end of 2011, of 4.6%, propped up the dollar.

Key quotes


"Market reaction has been however limited with no surprises, and ahead of next week fundamental data."

"Short term, the EUR/USD 1 hour chart shows price extending below its 20 SMA and momentum heading lower into negative territory, albeit RSI bounces from oversold levels."

"In the 4 hours chart the overall technical stance remains clearly bearish, with a break below 1.2700 required to confirm a new downward movement towards 1.2660 price zone."

EUR/USD trades below 1.2700 post US consumer confidence

The Euro broke below the 1.2700 level versus the US Dollar following the US Michigan consumer sentiment as the EUR/USD completed at a 70-pip drop from 1.2755 to lows around 1.2685.
Read more Previous

Rupee jumps on S&P's revision of India's outlook up to stable - TD Securities

Cristian Maggio, Head of Emerging Markets Research at TD Securities comments on the rupee's reaction to S&P' decision to upgrade India's outlook to stable from negative, while keeping the sovereign rating at BBB-.
Read more Next
Start livechat